KRNL Labs and Sig Network have announced a new cross-chain bridge that leverages MPC technology to enable instant, low-fee, and secure transfers of digital assets between blockchains. The bridge eliminates confirmation delays and removes the need for smart contracts on the destination chain, enhancing user experience and developer flexibility.
KRNL’s developer tooling matched with Sig Network’s MPC account abstraction allows for new infrastructure that eliminates delays, reduces fees, and expands interoperability among chains.announced a new cryptographically secured cross-chain bridge to enable seamless multi-chain interactions.
The infrastructure built by KRNL Labs and Sig Network allows digital assets to move between blockchains instantly while reducing fees and removing confirmation delays seen in existing bridging solutions. The bridge leverages Sig Networks Multi-Party Computation technology to create flexibility for developers and convenience for users by creating a single deposit on the origin chain and a single withdrawal on the destination chain. “The result of this exciting development between Sig Network and KRNL enhances cross-chain interactions by providing a cryptographically secure bridge that eliminates confirmation times and reduces fees, enabling truly seamless blockchain interoperability. There are millions of people who can begin using this technology immediately to improve their blockchain interactions,” said Tahir Mahmood, co-founder of KRNL. The cryptographic bridge built by KRNL and Sig Network maintains security through distributed key management, unlike existing bridging technologies, which rely on third-party consensus mechanisms or messaging networks. No smart contracts are needed on the destination chain, as Sig accounts are used as “liquidity pools”. The only smart contract involved is the Near Protocol contract.Sig Network is aiming to erase the barriers that exist between all Blockchains today and our work with the KRNL team is a big step in that direction,” said David Millar-Durrant, CEO of Sig Network. “KRNL’s research into extending what Blockchain RPCs are capable of paired with Chain Signatures allows smart contracts that can understand and interact with the world beyond the chain they’re deployed on.” At the core of the system is the NFT Chain Keys mechanism, designed to generate multiple keys, each capable of managing numerous addresses. This approach enhances flexibility and scalability for dApps while streamlining user interactions. The feature allows owners to issue, revoke, and manage usage approvals for cross-chain transactions. The Sig Network team is developing this solution to support compatibility across major blockchains, enabling the NFT keys contract to function on multiple networks. By creating a unified, cryptographically secure bridge capable of supporting any compatible blockchain, KRNL, and Sig Network offer developers the infrastructure to build the future of decentralized finance, gaming, and beyond, while minimizing risks, cutting costs, and reducing time to market for an entire new class of multi-chain decentralized applications.Labs was born out of a desire to address the fragmentation in Web3 and the inefficiencies of integrating existing solutions. The co-founders, Tahir and Asim, extensively researched and developed an innovative node-level solution to this problem. Tahir Mahmood is a seasoned technologist who started at Microsoft as Technical Lead for OS and Programming Languages in 1989. Throughout his career, he has been the inventor of 40+ patents and has 40+ years of experience in technology. Asim Ahmad has contributed to Web3 since 2016. He co-founded the blockchain venture capital firm Eterna Capital and was formerly at BlackRock.Chain Signatures technology grants every smart contract control over private keys, enabling dApps to seamlessly manage any asset on any chain. With Smart Contract accounts that work across multiple networks, users can interact with Web3 without having to worry about the barriers between chains. Built by the team behind Chain Abstraction for NEAR.One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CROSS-CHAIN BRIDGE MPC BLOCKCHAIN INTEROPERABILITY CRYPTOGRAPHY SMART CONTRACTS
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